Friday 18 March 2011

Egypt's SODIC posts 2010 net profit, reversing loss | Reuters

SODIC, Egypt's third-biggest listed developer, swung to a net profit of 135.3 million Egyptian pounds in 2010 and doubled project sales, it said on Thursday.

The high-end real estate firm, which does not fully recognise revenues until it delivers units, made a net loss of 112.5 million pounds in 2009.

Egypt's property sector has been a major driver of foreign investment and growth but is now reeling from a string of legal

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